The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Capital markets pipeline builds in Russia as sanctions threat looms

Investment bankers hope for an autumn thaw after a spring freeze.


Another year, another Russia shutdown: after two years of brisk flows, capital markets activity came to an abrupt halt in April when the US imposed sanctions on Oleg Deripaska, Viktor Vekselberg and their associated companies.

Eurobond issuance dried up, a clutch of IPOs were postponed and investment bankers covering Russia – a fairly phlegmatic bunch – resigned themselves to a relatively lean summer in the hope that the autumn would bring a resumption of business.

As threats of further sanctions emerged in August, from both the State Department and the US senate, such expectations began to look increasingly optimistic. Nevertheless, as markets reopened in September, bankers were still not despairing of an imminent pick-up in activity.

“There is a lot of pent-up demand from issuers,” says one market participant. “If we could get a bit of clarity on what the scope of any additional sanctions was going to be, or more importantly what it isn’t going to be, then we would see quite a backlog of capital markets activity coming through.”


Most of the interest is centred on equity markets, where primary flows had returned to pre-Crimea levels last year.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree